What is the first defence document that must be posted?

The T14 is the correct choice as the first defence document that must be posted in the context of regulatory requirements. This document typically acts as a preliminary filing that outlines the key arguments or points that a party intends to rely on in a regulatory or legal proceeding.

In many regulatory frameworks, the T14 sets the stage for subsequent filings and communications, ensuring that all involved parties understand the foundational assertions and relevant issues at play. It typically includes essential information that must be disclosed at the outset, which is why it holds the position of being the initial defence document.

The other options represent subsequent documents in the regulatory process. T21, T39, and T46 generally follow the posting of the T14 and build upon the information established within it. Each of these documents serves specific purposes and protocols within the regulatory framework, but none are designated as the first defence document that must be posted. Understanding the hierarchy and timing of these filings is crucial for compliance within the regulatory landscape.